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St Petersburg Houses - In St. Petersburg, Homes for Sale Signs can Mean Lifetime Income

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The “Homes for Sale” signs are everywhere in St. Petersburg. This is a tremendous opportunity for you to invest in something that can bring in hundreds of dollars of extra money each month. If you are creative, and have an eye for design, you can convert a mediocre house into a home with an in-law apartment. This may also increase the sale value.

Homes right now are selling from $40,000 and up. Some can even be found for less. Investors know a good deal when they see it, and they are scooping up many of the foreclosures and short sales that are available. They are doing some repairs, if necessary, and are renting these homes out, for a nice profit of several hundred dollars each month.

In St. Petersburg, homes for sale run the gamut of the best homes down to the worst. As an investor, you will want to look at perhaps a three bedroom, two bath home with garage. How can a home like this, priced in the $40,000 range, be such a profit-maker? It would normally rent, as is, for around $800-$900 or more. Many people who have lost their jobs cannot afford this, so the house may sit empty. That is scary to many small investors, but what if you saw creative potential here, in order to bring in more money?

You can increase the amount you will receive from a rental house, and we will consider a couple of ideas here. At the same time, you will be appealing to renters who do not have a lot of money, and need a lower rent. One way is to convert the attached garage into an in-law unit. If plumbing already exists, or the garage has a workshop with attached bath, you are in luck. Many garages and workshops can be converted into a livable space, with a minimum of cost. This is especially true if you can do some of the work yourself. All you may need is some drywall, extra cement on the floor to level it with the house, a door modification where the garage door is currently, and some finishing touches. You may need to install a window. If you do not have an adjoining bath or half-bath, squeezing one in can be done for around $800. The law requires a connecting doorway between the apartment and the main home. This is not a problem, as it can be soundproofed on either side, with a secure lock. A “kitchen” can be a corner with a sink, a small counter, a small refrigerator, and provisions for counter-top cooking. Alternately, installing a small stove may require extra wiring. Zoning may not allow duplexes in this area, and therefore, all regulations must be honored. Inspections will be conducted during the conversion and after completion. Now you have, according to the permits and inspection approval, an “in-law” apartment. Familiarize yourself with any regulations regarding “in-law” apartments prior to undertaking this project.

You now have a small apartment that will bring in extra income. How much? Perhaps, with utilities included, you could rent this space to a relative or friend for $500 a month. You may wish to live in the large side of the home, while renting out the “in-law” room (apartment). If you do the math, you can see that the smaller unit could be paying the majority of your mortgage, or even all of it, depending on your down payment on a house costing $40,000.

A house with no garage can be converted, also. Again, keep in mind that you cannot turn a house into a duplex, if it is not zoned for multi-family or mixed use. However, in-law apartments are allowed in most areas. If you are considering a house purchase in St. Petersburg with conversion in mind, check with your local building department for regulations.

Some features to look for would be large, separate rooms, outside access from at least one of the bedrooms, and adjoining bathrooms. Think about changes that would include soundproofing, privacy, convenience and easy access.

Creative planning can make, “St. Petersburg Homes for Sale” your financial rescue, or even your retirement package.

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